I am a sole proprietor and got an EIN in my own name in August 2020 and started a solo 401k in September 2020. I also have a day job and get a W2.
I have some sole proprietorship earning from January to December 2020.
For 2020, contribution for my solo 401k (Fidelity PROFIT SHARING KEOGH), can I calculate employer contribution of 25%, based on total earning of 2020 from January to December?
Or, solo 401K contribution should be only based on earning after August?
Thanks for your time.
